The bears sustained dominance on the equities sector of the Nigerian Exchange Limited (NGX), yesterday, as market capitalisation declined by N1.1 trillion amid selloff in 41 stocks.

The All-Share Index (ASI) shed 1,745.16 points, representing a loss of 1.66 per cent to close at 103,622.09 points. Also, market capitalisation declined by N1.064 trillion to close at N63.188 trillion.

The downturn was driven by price depreciation in large and medium capitalised stocks, including Dangote Cement, Julius Berger Nigeria, MTN Nigeria Communications (MTNN), Nigerian Exchange Group and Ikeja Hotels.

On what will shape the market in the next trading session, analysts at Vetiva Dealings and Brokerage said: “We anticipate mixed market sentiment to continue into tomorrow (January 15), with investors capitalising on profits from previous session gainers while seeking attractive entry points in fundamentally sound names.”

Afrinvest Research said: “Investor sentiment, as measured by market breadth, weakened to -0.28x (previously: -0.11x) as 24 stocks gained while 42 lost. Tomorrow (January 15), we anticipate bargain opportunities to spur mild gains on the bourse.”

As measured by market breadth, market sentiment was negative, as 23 stocks gained relative to 41 losers. Northern Nigeria Flour Mills (NNFM) emerged the highest price gainer of 10 per cent to close at N45.10 kobo.

Livestock Feeds followed with a gain of 9.91 per cent to close at N6.10 kobo, while Academy Press advanced by 9.90 per cent to close at N3.22 kobo. University Press rose by 9.82 per cent to close at N4.81, while Neimeth International Pharmaceuticals appreciated by 9.76 per cent to close at N3.15 kobo.

On the other side, Honeywell Flour Mills led others on the losers’ chart with 10 per cent to close at N9.54 kobo, while Julius Berger and Dangote Cement followed with a decline of 9.98 per cent each to close at N139.80 kobo and N431 respectively.

Sovereign Trust Insurance lost 9.68 per cent to close at N1.12 kobo while Prestige Assurance depreciated by 9.30 per cent to close at N1.17 kobo.

The total volume traded rose by 1.1 per cent to 511.157 million units, valued at N12.759 billion, and exchanged in 13,052 deals.

Transactions in the shares of Guaranty Trust Holding Company (GTCO) led the activity with 54.352 million shares worth N3.152 billion.

Nigerian Breweries followed with 32.198 million shares valued at N1.029 billion, while Universal Insurance traded 30.822 million shares valued at N22.558 million.

AIICO Insurance traded 26.586 million shares worth N47.172 million, while Chams Holding Company traded 19.945 million shares worth N40.901 million.